Completion of Proposed Acquisition of 100% of Shares in Cathay Cineplexes Pte Ltd
mm2 Asia Ltd. (“mm2 Asia” and collectively with its subsidiaries, the “Group”) completed the acquisition of Cathay Cineplexes Pte. Ltd. ("Cathay Cineplexes") on Nov 24, 2017, and became the second largest cinema operator in Singapore, boasting 8 cinemas with 64 screens or 11,569 seats. Consequently, the Group is now the only cinema operator that is present in both Singapore and Malaysia, owning a total of 206 screens across 27 cinemas.
mm2 Asia’s Executive Chairman, Mr. Melvin Ang, said, “Our acquisition of Cathay Cineplexes represents an important step towards our goal of expanding down the value chain of filmmaking in Singapore and beyond. Beyond the fact that the acquisition will more than pay for itself in the long run, we are confident the Cathay brand will immediately uplift our film producer status in Asia and be a big boost to the businesses currently undertaken by the Group. We are also thankful to Ms. Choo Meileen for entrusting us with her family’s legacy, and for her faith that we can elevate Cathay to greater heights in the region’s entertainment industry.”
mm2 Asia made a deposit of S$15 million upon signing an option agreement on Nov 2, 2017 with Cathay Organisation Pte. Ltd. Under the agreement, mm2 Asia will pay the remaining balance of S$215 million on or before May 2, 2018, and retain the employees of Cathay Cineplexes.
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Note to media: Please read this press release in conjunction with the Company’s announcement released on SGXnet on the same date, which can be found here.